328 N KINGSLEY Drive, Los Angeles, CA 90004 (MLS # 17213134)

Price $4,890,000
Status Active
Beds n/a
Baths 0 baths
Home size n/a
Lot Size 28,371 sqft
Days on Market 33
Sanctuary on Kingsley is a development opportunity in LA's thriving Koreatown submarket. Located at 328 N. Kingsley Drive, the parcel of land is roughly 28,370 square feet and zoned R3-1. While the current improvements on the property are 20 apartment units, a developer will have the opportunity to build up to 48 Class A units (44 market-rate units and four very-low income units). The floor to area ratio is 3:1, and the height restriction is 45 feet.The location is ideal for either market-rate or affordable housing project. Construction of a Class A apartment building is justified with anticipated pro-forma rents of $3.00+ per square foot. The developer of this property will participate in the growth of a submarket which has transformed into one of the most desirable places for urban living. Koreatown is drawing millennials seeking a hip urban lifestyle due to its walkability, trendy hotels and restaurants and access to public transportation.
Property Type(s): Land
Last Updated 3/25/2017 Community Mid-Wilshire
County Los Angeles Walk Score ® 82

Additional Details

MLSAREAMAJOR C17 - Mid-Wilshire



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Listing provided by : Peter Strauss, Iconic Investments

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